Canada

PE-backed CDS snags credit facility from Crystal Financial

Computer Data Source, a provider of enterprise-level data center third-party maintenance, has secured a senior credit facility from Crystal Financial LLC. No financial terms were disclosed. New State Capital Partners acquired a majority stake in CDS in August 2019. CDS has offices in New Jersey, Canada, the UK, Germany, Australia and Hong Kong.

B2B payments and credit network Fundbox inks Series C

San Francisco-based Fundbox, a B2B payments and credit network, has raised US$176 million in Series C funding. Also, the company has secured a US$150 million credit facility. Investors in the Series C round included Allianz X, Healthcare of Ontario Pension Plan, HarbourVest, 9Yards Capital, Hamilton Lane, SEB Private Equity (on behalf of clients), Cathay Innovation, Synchrony, MUFG Innovation Partners Co., Ltd., Recruit Strategic Partners, GMO Internet Group and Arbor Ventures. Other participants in the round were Khosla Ventures, General Catalyst and Spark Capital Growth.

iGan appoints new CFO/COO

Canadian healthcare technology venture firm iGan Partners has named Mark Bhattacharya as its new chief financial officer and chief operating officer. Previously, he worked at Morneau Shepell Asset and Risk Management Ltd where he was head of operations and chief compliance officer. Last year, iGan closed its debut fund at $100 million.

Toronto AI SaaS startup ODAIA fetches $1.6 mln

Toronto-based ODAIA, an AI SaaS startup, has secured $1.6 million in funding. Panache Ventures and StandUp Ventures led the round with participation from BDC Capital’s Women in Technology Venture Fund, Inovia Capital and MaRS IAF. This new group of investors joins pre-seed investors that include Toronto Innovation Acceleration Partners, University of Toronto’s UTEST, N49P, Ontario Centres of Excellence and Amar Varma, co-founder of Autonomic.ai (acquired by Ford). The capital infusion will be used to make key technical hires, support early customers and prepare for the public launch of ODAIA’s AI SaaS platform.

CDPQ part of UN climate change alliance

An alliance comprised of pension funds and insurers has committed to fight climate change via carbon-neutral investments by 2050. Among the companies that are part of this United Nations-convened Net-Zero Asset Owner Alliance are Caisse de dépôt et placement du Québec, Folksam Group, PensionDanmark and Swiss Re. The alliance was announced at the UN Secretary-General’s Climate Action Summit, "which brought together governments, companies and civil society to strengthen commitments and accelerate the implementation of the Paris Agreement on Climate Change."

CI Capital-backed Maroon Group buys Cambrian Solutions

Maroon Group, a distributor of specialty chemicals and ingredients across North America, has acquired Oakville, Ontario-based Cambrian Solutions, a provider of specialty ingredients and chemicals. No financial terms were disclosed. Most recently, in July 2019, Maroon Group acquired New Hampshire-based Amysn LLC, a national distributor of specialty chemicals to the coatings, lubricants, nutraceutical, pharmaceutical and electronics markets. Maroon Group is backed by CI Capital Partners.

Panache Ventures wraps up inaugural fund

Panache Ventures, a seed-stage venture firm, has closed its debut fund at $58 million, beating its initial $40 million target. The fund's investors include Alberta Enterprise Corporation, Fonds de solidarité FTQ, Investissement Québec, National Bank of Canada, TELUS Ventures, BMO Bank of Montreal and BC Tech Fund, managed by Kensington Capital. In March 2018, Panache announced it had raised $25 million in the first close of the fund. Panache has offices in Montreal, Toronto, Calgary and Vancouver.

Mubadala to invest in Cologix

Mubadala Investment Company, the Abu Dhabi-based global investment firm, has agreed to invest up to USD$500 million in Cologix, a provider of connected ecosystems that enable customers to power their digital transformations. The transaction was done in partnership with Stonepeak Infrastructure Partners, which will remain a majority investor in Cologix. Cologix has data centers in a number of locations that include Dallas, Minneapolis, Montreal, Toronto and Vancouver.

The Original Cakerie expands London, Ontario plant

The Original Cakerie, a maker of frozen desserts for retail and food service customers in Canada and the U.S, is planning on expanding its London, Ontario plant. Construction is slated to begin later this fall. The project will consist of adding a new building onto an existing structure as well as investments in new production lines. The Original Cakerie is a division of St. Paul, Minnesota-based Dessert Holdings, which is backed by Gryphon Investors.

Hydrostor racks up $49 mln

Toronto and Australia-based Hydrostor, a developer of advanced compressed air energy storage projects, has secured $49 million in growth financing. The investors included Elemental Energy, Canoe Financial, ArcTern Ventures, MaRS Catalyst Fund and Lorem Partners. RBC Capital Markets advised Hydrostor on the transaction. Also, Meridiam, a global developer, asset and fund manager specializing in sustainable infrastructure and energy transition projects, has formed a strategic partnership with Hydrostor to support the origination and development of Hydrostor projects. In conjunction with this partnership, Elisabeth Hivon, a partner at Meridiam, has joined Hydrostor’s board of directors.